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Australian (ASX) Gold Industry Analysis

UpdatedJan 25, 2026
DataAggregated Company Financials
Companies153
  • 7D7.5%
  • 3M33.0%
  • 1Y124.1%
  • YTDn/a

Over the last 7 days, the Gold industry has risen 7.5%, driven by gains from Evolution Mining of 13%. This takes the industry's 12 month performance to a gain of 124%. As for the next few years, earnings are expected to grow by 23% per annum.

Industry Valuation and Performance

Has the Australian Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 25 Jan 2026AU$187.0bAU$26.3bAU$4.6b29.4x41x7.1x
Tue, 23 Dec 2025AU$166.5bAU$26.4bAU$4.6b28.5x36.4x6.3x
Thu, 20 Nov 2025AU$144.4bAU$26.5bAU$4.6b23.6x31.2x5.5x
Sat, 18 Oct 2025AU$153.7bAU$26.4bAU$4.6b25.5x33.5x5.8x
Mon, 15 Sep 2025AU$129.3bAU$26.8bAU$4.8b18.1x26.8x4.8x
Wed, 13 Aug 2025AU$102.3bAU$22.4bAU$3.2b19.4x32x4.6x
Fri, 11 Jul 2025AU$98.0bAU$22.2bAU$3.1b18.3x31.7x4.4x
Sun, 08 Jun 2025AU$107.7bAU$22.3bAU$3.1b21.4x34.9x4.8x
Tue, 06 May 2025AU$91.5bAU$22.1bAU$3.0b16.6x30.3x4.1x
Thu, 03 Apr 2025AU$85.2bAU$22.2bAU$3.0b17.2x28x3.8x
Sat, 01 Mar 2025AU$76.4bAU$22.0bAU$3.0b17.8x25.7x3.5x
Mon, 27 Jan 2025AU$77.6bAU$18.6bAU$1.8b20.1x42.7x4.2x
Wed, 25 Dec 2024AU$69.5bAU$18.6bAU$1.8b21.3x37.7x3.7x
Fri, 22 Nov 2024AU$73.2bAU$18.6bAU$1.8b19.9x40.5x3.9x
Sun, 20 Oct 2024AU$75.4bAU$18.4bAU$1.8b22.7x42.1x4.1x
Tue, 17 Sep 2024AU$67.2bAU$18.3bAU$1.6b21.2x40.9x3.7x
Thu, 15 Aug 2024AU$62.1bAU$16.1bAU$1.1b23.5x56.5x3.9x
Sat, 13 Jul 2024AU$60.9bAU$16.0bAU$1.1b23.5x57x3.8x
Mon, 10 Jun 2024AU$60.3bAU$16.9bAU$1.2b22.1x50.8x3.6x
Wed, 08 May 2024AU$58.0bAU$17.1bAU$1.2b21.4x48.8x3.4x
Fri, 05 Apr 2024AU$57.8bAU$17.1bAU$1.2b21x48.6x3.4x
Sun, 03 Mar 2024AU$48.6bAU$16.5bAU$1.2b15.8x41.6x3x
Tue, 30 Jan 2024AU$72.1bAU$22.9bAU$1.3b19x53.7x3.1x
Thu, 28 Dec 2023AU$77.0bAU$22.9bAU$1.3b26.9x57.3x3.4x
Sat, 25 Nov 2023AU$70.9bAU$22.9bAU$1.4b21.4x52.5x3.1x
Mon, 23 Oct 2023AU$72.0bAU$23.1bAU$1.4b24.9x52.3x3.1x
Wed, 20 Sep 2023AU$71.2bAU$22.9bAU$1.3b19.7x53.3x3.1x
Fri, 18 Aug 2023AU$65.4bAU$24.6bAU$449.7m17x145.3x2.7x
Sun, 16 Jul 2023AU$75.2bAU$22.1bAU$519.9m17.6x144.7x3.4x
Tue, 13 Jun 2023AU$71.2bAU$22.2bAU$561.0m17x126.9x3.2x
Thu, 11 May 2023AU$76.5bAU$22.2bAU$563.2m19.3x135.8x3.4x
Sat, 08 Apr 2023AU$74.4bAU$22.3bAU$567.2m17.1x131.1x3.3x
Mon, 06 Mar 2023AU$63.8bAU$22.2bAU$588.6m17.7x108.3x2.9x
Wed, 01 Feb 2023AU$66.5bAU$20.7bAU$1.1b18.6x58.3x3.2x
Price to Earnings Ratio

58.3x


Total Market Cap: AU$66.5bTotal Earnings: AU$1.1bTotal Revenue: AU$20.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Gold Industry Price to Earnings3Y Average 62.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 41.0x which is lower than its 3-year average PE of 62.3x.
  • The 3-year average PS ratio of 3.8x is lower than the industry's current PS ratio of 7.1x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 59% per year over the last three years.
  • Revenues for these companies have grown 8.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Australian Gold compare with similar industries?

AU Market-0.29%
Materials1.89%
Metals and Mining2.03%
Gold7.46%
Silver15.81%
Precious Metals and Minerals6.27%
Diversified Metals and Mining1.25%
Aluminum0.32%
Copper-0.68%
Steel-4.26%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EVN Evolution MiningAU$14.8613.3%
+AU$3.5b		167.3%PE32.6x
NST Northern Star ResourcesAU$27.602.9%
+AU$1.1b		60.7%PE29.4x
WGX Westgold ResourcesAU$7.6715.3%
+AU$963.5m		192.7%PE208.5x
GGP Greatland ResourcesAU$13.949.6%
+AU$820.9m		n/aPE27.8x
RMS Ramelius ResourcesAU$4.928.4%
+AU$731.4m		111.2%PE20x

Latest News

RRL
AU$8.35
Regis Resources
7D
7.9%
1Y
177.4%
EVN
AU$14.86
Evolution Mining
7D
13.3%
1Y
167.3%
GGP
AU$13.94
Greatland Resources
7D
9.6%
1Y
n/a
WGX
AU$7.67
Westgold Resources
7D
15.3%
1Y
192.7%

WGX: Future Production Ramp And Margins Will Support Bullish Re-Rating

Narrative Update on Westgold Resources Analysts have lifted their price target on Westgold Resources from A$7.98 to A$9.24, citing slightly higher assumed revenue growth, a marginally lower discount rate, and modestly stronger profit margins supported by a higher future P/E multiple. What's in the News Reported group gold production of 111,418 oz for the second quarter ended 31 December 2025, compared with 83,937 oz in the first quarter of fiscal 2026.
RMS
AU$4.92
Ramelius Resources
7D
8.4%
1Y
111.2%

RMS: Production Growth And Buyback Plan Will Support Future Returns

Analysts have lifted their fair value estimate for Ramelius Resources from A$5.76 to A$6.05, citing revised assumptions on revenue, profit margins and future P/E, alongside recent research that highlights past underperformance and longer term production growth forecasts as key supports for the higher price target. Analyst Commentary Bullish analysts point to recent fair value and price target moves as a sign that expectations for Ramelius Resources are firming, with the latest research tying higher valuations to updated assumptions on revenue, margins and future P/E multiples.
NST
AU$27.60
Northern Star Resources
7D
2.9%
1Y
60.7%

NST: Softer Production Guidance Will Likely Undermine Elevated Gold Price Optimism

Analysts have lifted their price target for Northern Star Resources to A$17.43 from A$17.06 as they incorporate updated assumptions for revenue growth of 14.50%, profit margins of 23.84% and a future P/E of 16.64x. What's in the News Northern Star Resources revised its production guidance for fiscal 2026, now targeting 1,600 to 1,700 koz of output, compared with the previous range of 1,700 to 1,850 koz (Key Developments).
GMD
AU$7.86
Genesis Minerals
7D
7.7%
1Y
156.9%
WWI
AU$0.08
West Wits Mining
7D
-12.1%
1Y
400.0%
OBM
AU$1.58
Ora Banda Mining
7D
-2.5%
1Y
107.9%
PRU
AU$6.35
Perseus Mining
7D
8.9%
1Y
128.4%

PRU: Higher Margin Outlook Will Likely Be Undermined By Compressed Future P/E

Analysts have lifted their price target for Perseus Mining from A$2.60 to A$3.00, citing updated assumptions for higher revenue growth, a stronger profit margin, and a lower future P/E multiple as the main drivers of the change. What's in the News The Board of Directors has authorized a share buyback plan that allows Perseus Mining to repurchase up to 40,000,000 shares, representing 2.96% of its share capital, for A$100 million.
TCG
AU$0.78
Turaco Gold
7D
-3.7%
1Y
142.2%
VAU
AU$5.85
Vault Minerals
7D
-1.0%
1Y
146.6%
GPR
AU$0.053
Geopacific Resources
7D
-13.1%
1Y
152.4%

We're Not Worried About Geopacific Resources' (ASX:GPR) Cash Burn

Jan 02
We're Not Worried About Geopacific Resources' (ASX:GPR) Cash Burn
MDX
AU$0.039
Mindax
7D
-9.3%
1Y
-2.5%
MDI
AU$0.037
Middle Island Resources
7D
-11.9%
1Y
184.6%
CTO
AU$0.02
Citigold
7D
-13.0%
1Y
566.7%

Citigold (ASX:CTO) Is Carrying A Fair Bit Of Debt

Oct 02
Citigold (ASX:CTO) Is Carrying A Fair Bit Of Debt